The chief executive of market intelligence platform CryptoQuant says that Bitcoin ( BTC ) still has a ways to go before reaching its cycle top. In a new thread on the social media platform X, CryptoQuant CEO Ki Young Ju says that those predicting an upcoming bear market for the crypto king are likely ignoring on-chain data that shows BTC has been in a bull market for the last two years. According to Ju, crypto whales accumulating large amounts of the top crypto asset by market cap has gone from being a newsworthy event to a routine one, proving the bull market isn’t over. “The narrative of whale accumulation on Bitcoin has become so common that it’s now daily chatter. Just 2-3 years ago, news of whales accumulating would send shockwaves through the market. Today, it’s no longer breaking news – it’s just expected, routine information… Right now, we’re clearly in a bull market, with on-chain data showing $7 billion in weekly capital entering the market… News of whale accumulation no longer moves people – maybe because analysts, including me, have been calling it a bull market for the last two years. But the bull market isn’t over. If Bitcoin enters a bubble, all the analysts would be screaming about the cyclical top.” Ju goes on to say that BTC is not in a “bubble,” which he defines as when an asset’s market price significantly exceeds the capital flowing into it, noting that its cycle peak is not close. “For now, it’s obviously not a bubble. Sure, corrections can happen, but amid a bull cycle, it’s very unlikely we’ll see more than a 30% drop. Even if such a drop happens, it would likely be short-lived, with prices potentially going up more than 30% after the correction. The peak of this Bitcoin cycle still seems far off. For those predicting the start of a bear market, I’d like to hear their reasoning.” Source: Ki Young Ju/X Bitcoin is trading for $96,387 at time of writing, a 1.9% decrease over the last 24 hours. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: DALLE3 The post Bitcoin Cycle Top ‘Still Seems Far Off,’ According to CryptoQuant CEO – Here’s His Outlook appeared first on The Daily Hodl .
